Mastercard Filed a Patent For a New Blockchain System To Fight Fake Identities

Mastercard Filed a Patent For a New Blockchain System To Fight Fake Identities

Mastercard Filed a Patent For a New Blockchain System To Fight Fake Identities A newly published patent filing from Mastercard describes a system in which a semi-private or private blockchain is used to receive and store identity data, in accordance with the official request published by the United States Patent and Trademark Office (USPTO). Also

Mastercard Filed a Patent For a New Blockchain System To Fight Fake Identities
A newly published patent filing from Mastercard describes a system in which a semi-private or private blockchain is used to receive and store identity data, in accordance with the official request published by the United States Patent and Trademark Office (USPTO).

The company states in the filing, which was submitted in September 2017, that the technology could help with the use of fake identity data within its systems.
Mastercard writes:

“The use of a blockchain for the storage of identity and credential data may provide for an immutable storage of such data that can provide an accurate verification thereof and also prevent the fabrication of such data.”

The filing explains that the system generates a “data file” for each entity, which would be associated with a public key and a location. These entities would be “subordinate,” while a “superior” entity would impose a digital signature on their data files. A “hashing module of the processing server” would subsequently generate an “identity value” for each entity and create a block with a timestamp and a record of the most recent block added to the blockchain, the online publication continues.

In addition, the network proposed by Mastercard only allows certain nodes to send data. These are not the only ones that can update the identity information within the system.

The company notes:”In such instances, it may be difficult for an entity to disprove a false identity, leading to an interaction with an inauthentic individual or entity. Thus, there is a need for a technical solution to provide for the immutable storage of identity and credential data that may prevent fabrication and inaccuracies.”